Governor State Bank, Raza Baqir highlighted launching a central bank-issued digital coin in Pakistan.
We are studying that very carefully. We think that some countries like China are already showing the way.Baqir told CNN’s Julia Chatterley on Thursday.
He further added how a central bank-issued digital currency will not only boost the central bank efforts for financial inclusion but also allow it to make progress in its fight towards anti-money laundering and countering terrorism financing
He continued to say that we are at a stage where we are studying it, we hope to be able to make an announcement about it in the coming months. He added, “For now we have allowed a framework for digital banks to begin operation in Pakistan.”
Pro Crypto Vibes in Pakistan
The Governor of the State bank of Pakistan gave a crypto-friendly statement, the fact that he mentioned creating Pakistan’s own digital currency is a great thing for crypto enthusiasts.
Cryptocurrency trading and mining is increasing on a day-to-day basis in Pakistan and people are earning a handsome amount of money either by direct or indirect investment in different cryptocurrencies.
Formerly SBP had some restrictions on trading virtual currencies and submitted that virtual currency like Bitcoin, Litecoin, etc or initial coin offerings are not legal tender issued or guaranteed by the government of Pakistan.
Later On, 2 Dec 2020 Khyber Pakhtunkhwa (KP) Assembly unanimously passed a resolution on legalizing cryptocurrencies and crypto-mining.
Baqir’s statement can attract investors which can ultimately help Pakistan prosper in the international market.
Earlier this week, China created its own digital currency, a cyber yuan, which is controlled by its central bank that will issue this virtual money. The fiat currency also has a digital version in the form of credit cards, payment apps, etc, but in this case, China is turning its legal tender into a computer code. If crypto gets regulated in Pakistan we will be seeing great influx and it will be best if you Know the basics about crypto and join the biggest cryptocurrency community.